How Analytics Are Changing While Analytics Changes Everything
Tom Gale, President — MDM Analytics
• profit analytics • market intelligence • WayPoint Analytics • distribution management best practices • management strategies • industry perspective • Wholesale Distribution Industry • distribution industry trends • new opportunities for distribution industry • distribution industry technology • Randy MacLean • market share
Monday, March 12, 2018—In this video, Randy MacLean sits down with Tom Gale, the president of Industrial Market Information (IMI), to discuss the evolution of analytics.
"This is a most fascinating time to be a CEO or a manager of a distribution company because there are so many opportunities that are out there," Tom noted during the conversation. "In the last ten years as the industry has matured, we've gotten more professional management coming in to the industry. What we've seen is that it's no longer just nice to have analytical skills because you actually need them to move your company forward."
The old model which involved feet on the street, blanketing the market with their sales force and having them turn over every rock, is just not productive anymore. Ultimately salespeople are going to hit a wall if they can't adjust and target their efforts to the places that are most likely going to be productive.
"It's really about different skill sets," said Tom. "More and more, we're going to see an increased reliance on analysts, data scientists, and other individuals who are able to not only analyze the data but really to make the connection in terms of the business value. Those are the kinds of people who are able to ask the right questions that will provide huge value to their company."
From a technology standpoint, a lot of things that we're able to do in our companies right now are things that we couldn't afford the horsepower five or ten years ago. Combined with an increased availability of data, it's really helped to open up a new field at an opportune time.
The days of organic growth are over. There are no brand new markets anywhere, so companies are shifting from chasing the general growth associated with a growing market to focusing on market share gains and making sure that they're getting their profit improvements by finding the right place to go and put their finite resources.
There are tremendous opportunities right now; not for people who can put more energy into it, but for people that can target their energy better. The first people to adopt the new models basically have open territory to go and be able to repeat what happened a couple of decades ago when business was growing.
For more information about Tom Gale, visit: www.mdmanalytics.com